Defi Players Launch Alliance To Champion Ethereum To Policymakers

Major DeFi protocols on Ethereum have banded together to counter the so-called “outsized influence” of centralized crypto firms on US policymaking.

Major Ethereum stakeholders have banded together to launch the Ethereum Protocol Advocacy Alliance, focused on coordinating “policy efforts” and educating lawmakers on the ecosystem.

The Ethereum Protocol Advocacy Alliance was announced on Tuesday, with the EPAA emphasizing the importance of establishing the group to counter the apparent “outsized influence” that centralized crypto entities had in policymaking.

“This imbalance has often left the principles and technologies underpinning onchain infrastructure misunderstood or overlooked,” said the EPAA.

The alliance comprises several prominent names in decentralized finance, including Aave Labs, Aragon, Curve, Lido Labs Foundation, Spark Foundation, The Graph Foundation and the Uniswap Foundation.

The group also got the blessing of the Ethereum Foundation, with co-executive director Tomasz K. Stańczak noting that the foundation supports this “community-led coordination on advocacy.”

The previous election cycle in the US saw the formation of a crypto’s largest Political Action Committee called Fairshake, founded by venture capital giant a16z, crypto exchange giant Coinbase and XRP-ledger creators Ripple.

The PAC amassed $260 million to support its lobbying efforts, spending a total of $195.8 million, according to data from OpenSecrets.

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Given the stature of participants in the EPAA, it should have sufficient resources to throw its weight behind policy initiatives and try to shape policy.

Source: CoinTelegraph